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Starting out on my own
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What is the term for your take-home pay, after things like taxes are taken out?

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The pay you take home is called your net income.

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Other than rent, what will usually be your biggest housing cost?

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Everyone's situation is different, but most people find that utilities are their second-biggest expense.

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Key Takeaways

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Starting out on your own can be an exciting and empowering move. Doing your research and being prepared for the costs could be a great way to make it a successful move.

  • If you’re moving for your job, the expenses may be deductible. Track all of the costs like professional movers, and packing supplies
  • When opening a new bank account, ask questions about different fees, minimum balance requirements and branch locations
  • Before you decide to move, add up all of the costs like security deposits, rent payments, realtor fees, professional movers, packing supplies and other moving related expenses
  • Look for your Forms W-2 and Forms 1099 in January or February. You generally have until April 15th to gather the rest of your documents and file your tax returns.
  • Use your student loans to your advantage.  You may be able to deduct up to $2,500 in interest payments
  • You need to file a tax return if you earned more than $10,300, (based on 2015 tax year). However, if your parents claim you as a dependent, you may need to file if you earned more than $6,300 or had unearned income greater than $1,050